Bitcoin prices dropped below $80,000 on Monday, extending a selloff in cryptocurrencies driven by broader market uncertainty and concerns over the artificial intelligence sector. The largest digital asset fell as much as 1.4% to under $79,300 before recovering slightly to trade around $80,000 in afternoon trading in Asia. Smaller tokens like Ether, XRP, and Solana also declined.
The selloff came after investors pulled $772.4 million from US-listed spot Bitcoin exchange-traded funds on Thursday and Friday. This marked a sharp reversal from more than $1 billion of net inflows earlier in the week. The outflows suggest growing caution ahead of a Federal Reserve meeting, which has contributed to a risk-off sentiment across markets.